How many times have you caught yourself making an excuse when it comes to saving money? Have you ever set a savings goal at the beginning of the month only to find yourself fall short of reaching it by the end? Unfortunately, these are common occurrences when it comes to managing our money wisely.
I have certainly had my fair share of excuse-making moments, and I now know that those little habits can add up to a big problem if not recognized (and changed). Here are some of the most common excuses people make when it comes to saving their money:
I have no money to save
While this may seem like a valid excuse given today’s volatile economy, it’s simply not true. Even if it’s a mere $25/month, every penny you put into your savings today will help you maintain financial stability tomorrow. Seek out ways to cut back and know that while it won’t be easy, you are worth it.
I have too much debt
Debt can be paralyzing. It can make the possible seem impossible, especially when you review those account balances. The thing is, you CAN save and pay down your debt at the same time. If you don’t have some sort of emergency savings, you risk digging yourself deeper into debt. This behavior creates a vicious circle that can seem far too daunting to rid yourself of. Make an effort to pay yourself first above all and know that you will eventually be free from debt’s chains.
I will save later
Have you ever thought to yourself that you’ll save more once you make more? You’re certainly not alone in this train of thought. The problem with this pattern of thinking is that once you become comfortable with each new salary bump, you can easily rationalize the need to make even more before you save. You’re never too young to begin saving and taking advantage of the glorious benefits of compounding interest.
My efforts won’t make a difference
I used to say this myself. When I was only able to save $25-50/month, I remember thinking that my efforts were useless. Wow, was I wrong! By forcing myself to save those small bits each month, I was developing a sound financial habit. Once I paid off my debt and began to save even more, I realized the power of saving money and how financially free it made me feel. This is one area where the phrase “every little bit counts” certainly applies.
I deserve this (insert purchase here)
Of course it’s hard to restrain yourself when you see your friends, family, or significant other purchasing the latest & greatest gadgets. It’s almost automatic to think that you deserve the same things because you work so hard. This is a pattern of destructive thinking that will prevent you from making any real progress with saving. While there’s nothing wrong with wanting/having material things, you must be able to truly afford them or you’re essentially signing yourself up for a lifetime of debt and financial instability.
I’m just not any good with money
This is the ultimate money excuse, sort of like when someone says they’re just not athletic so they don’t exercise. Erase this negative self-talk by taking control of your money instead of letting it control you. Read books, read blogs, talk to people you know who are financially savvy. Do whatever it takes to alter your habits so you’re able to start saving money.
I’m too old to change my habits
Simply stated, you’re never too old to save money (much like you’re never too young)!
I definitely have been #1-3. #2 I am still working on, I hate debt so much and I like to see those big numbers I owe decrease but at the same time I know how important an emergency fund is and how it keeps you from accumulating more debt.#3 I was guilty of for the first two years of my job. I didn't contribute to my retirement and lost out on a match. My thinking was that I would pay down debt but reality is that I didn't. #5 I think almost everybody is guilty of and to a point I am ok with that. Gotta live while your young just be smart about it and save beforehand.
I always think I don't have any spare room in my budget to save money, when I actually do. I end up going over in my budget all the time though because I guess I'm not hurting hard enough for savings at the moment. I think I just want to put off saving until later.
I often think saving money would be so much easier if we just made more money. Which is true.. but if you can't save on $50K, you probably will have trouble saving on $150K because of lifestyle inflation.
I surprisingly have never had a problem with saving. It comes naturally to me and is probably one reason my only debt has ever been our current mortgage. I start making excuses when it comes to making more money. I'm a stay at home mom who also runs a small business. I'm currently in the works of expanding said business but half way through each step to get there I tell myself I'm not able to succeed at this. My only excuse is fear of failure I suppose
You can't and won't save money if you keep seeking excuses for not doing so. There is no such thing as 'can't save'. Even if all you can save at the moment is $10, that is miles away from zero. When your earnings and finances improves, you can always increase your savings volume. Beautifully written post! Loved it!
Number 6 really stuck with me – I remember telling myself that excuse many times while I was in way over my head with debt. I'm out of credit card debt now, but I still read people's excuses for not saving on other websites. "I put so much toward my debt that I just don't have enough left over". Starting a small emergency fund should be a priority – crap happens, especially when you don't have the money to cover it!When I decided to get out of debt, I started saving – slowly, but by the time I paid off my credit card debt, I had 6 months worth of savings. Great post, I sure hope people who don't yet save read this and are inspired to start putting away a small amount every month!
I think your point is spot on – we will probably never have "enough" money to make us feel satisfied, so you might as well start making what you've got work for you and the sooner the better!
A lot of these habits I see in other people. Especially number 5. To be honest, I sometimes tell myself this because I too believe I work hard. Sometimes I stare in amazement and wonder how some people afford some of the luxuries I see them with, for example, the big expensive cars. I find it really hard to believe someone would finance something with so large a price. I have a friend though who constantly reminds me that this is usually the case.It's sad and scary sometimes. I'm glad I know better and I've got enough control to resist most things. I'm a sucker for gummy snacks lol
So very true. I have heard a lot from my BF such as too much debt but luckily he saves a lot. I hate hearing my BFF talk about how she has no money to save yet she buys lots and lots of new and nice things.
saving doesn't come naturally for me.. i have had to work and work at it.. and im getting better every day.whenever my checking account starts to dwindle, i find myself making excuses.. but with proper planning, the situation can usually have be avoided.
It was a serious struggle for me as well with #2–especially while I was paying off my credit card debt. What finally worked for me was creating a bunch of worst-case scenarios and literally writing out a plan for how I'd tackle each. Once I saw (on paper) that most of my options involved taking on more debt, I finally got the hint that saving $$ is vital.That said, I still have days where I dream about just taking $$ out of savings and paying off a chunk of student loan debt. I still have to talk myself out of doing so sometimes because I know that my savings is helping me create a more stable future.
That's a very common thought! See my comment above for how I kicked my own arse into gear with saving
Exactly! This is actually the main reason why I wrote this post–I've heard from family & friends countless times that they "just need more" before the can "really save."
I hate excuses. When you take on a positive and accountable approach, you will get the results you desire, and get them faster. People need to stop making excuses, and tackle their money issues like a to-do list!
That's awesome! The funny thing is that I used to be just like that when I was young, but then I fell into some sort of abyss in my 20s. Thankfully, my natural saver tendencies have re-appeared in my 30s!Good luck with the business expansion–you'll never know what great feats you can accomplish until you try!
Thanks, Anthony! I love the part about being miles away from zero–if only more people realized that
Congrats on getting out of credit card debt! That's a huge accomplishment. It's so true that things happen when you least expect it/can't pay for it. That's why it's coined an "emergency" fund!
It's definitely sad and scary–especially when you consider that the people who employ those types of behaviors/habits are influencing others to behave the same way! It's like looking at the person driving the beautiful BMW–sure, they look good in that car and you may think they're rich, successful, etc. But what if you knew the person was mortgaged to the hilt, was leasing that car, and had mountains of credit card debt?! Would you still want that car/lifestyle? If only people were privy to this kind of information…then perhaps we'd have a lot less desires to 'keep up with the Jones.'
At the risk of sounding unfairly judgmental, that's a terrible way to live because of the stress that accompanies the circle of buying, regretting, and having no money. It's a vicious cycle that I used to be in and I can only hope your friend makes some changes soon if only to reduce the stress she may not even know she has!
Kudos to you for identifying a weakness and working hard to overcome it! Keep working hard and you'll become a natural saver before you know it.Planning is certainly key. It's why I set my goals each & every month and review them throughout the month to make sure I'm on track to meet them.
I couldn't agree more!!
I always say "quit complaining/whining and do something about it." That goes for anything in life… I love that you pinpointed the main excuses for not saving money. And I agree with all of them! Happy Monday and thanks for the birthday wishes!
You're welcome! I love your call to action; if only more people understood how powerful they can be when they take action
Pingback: clickyhttp://www.houstonairconditioningrepair.info